Jan GGR at US$ 2.29-2.35 B, casino stock intrinsic value remains intact: HSBC
Thursday 25 de January 2024 / 12:00
2 minutos de lectura
(Macau).- The fundamentals of Macau gaming stocks remain intact, supported by a steady daily gross gaming revenue (GGR) run-rate and solid hotel bookings ahead of the Chinese New Year holiday, brokerage HSBC said in a recent report.
Analysts Charlene Liu, Jessie Lu and Lauren Cai noted that GGR for the first 21 days of January had reached MOP13 billion (US$1.6 billion), implying an average daily run-rate (ADR) of MOP629 million over the past week, an increase of 5 per cent compared to the week prior.
If the remaining days of January maintain a daily GGR run-rate ranging from MOP550-600 million, the full-month GGR is expected to reach MOP 18.5 billion (US$ 2.29 billion) to 19 billion (US$ 2.35 billion), representing a recovery to 74-76 per cent of the 2019 level.
“Near term correction maybe overdone. While the weak consumer spending outlook remains an overhang, steady ADR performance and solid bookings ahead of the CNY suggest fundamentals are intact,” HSBC analysts said.
Of the casino operators, HSBC research team prefers Sands China due to its large hotel inventory and its emphasis on the mass market segment. The analysts also favour MGM China due to its defensive market share and attractive valuation.
The broker cited that year-to-date visitor arrivals track at 70,000-80,000 per day, and the Macau government expects the number to rise to 120,000 during the forthcoming CNY holiday.
“The expectation is not high in our view given it only translates into 70 per cent recovery vs. 2019 CNY level, whereas Oct and Nov 2023 already saw over 85 per cent recovery.”
Categoría:Gaming
Tags: Sin tags
País: Macao
Región: Asia
Event
SBC Summit 2025
16 de September 2025
EGT Digital reinforces its position as a trusted global provider and creates new business opportunities at SBC Summit
(Lisbon, SoloAzar Exclusive).- At SBC Summit, EGT Digital made waves with the launch of Power & Glory Athina and SugarVille 1000, plus major upgrades to its AI-powered X-Nave platform. In this interview, Head of Sales Tsvetomira Drumeva shares how the company is driving innovation, expanding globally, and delivering high-performance solutions. Read on to discover what sets EGT Digital apart.
Tuesday 07 Oct 2025 / 12:00
From Legacy to Lifestyle: Belatra Transforms iGaming at SBC Summit 2025 with Narrative Worlds and Bold Innovation
(Lisbon, SoloAzar Exclusive).- At recent SBC Summit 2025, Belatra didn’t just showcase games — it invited the industry into an immersive universe. In this Q&A, Kateryna Goi, Chief Marketing Officer, shares how the company’s 30+ years of experience came to life through bold storytelling, creative design, and unforgettable experiences. From the debut of Mummy Universe to a unique collaboration with a Portuguese winery, Belatra’s presence in Lisbon marked a clear statement: the future of iGaming lies in blending technology, emotion, and culture.
Tuesday 07 Oct 2025 / 12:00
R. Franco Digital at SBC Summit 2025: Innovation, Regulation, and Global Expansion with the IRIS Platform
(Lisbon, SoloAzar Exclusive).- In this exclusive interview, Javier Sacristán Franco, International RF Business Director at R.Franco, shares the company’s global vision and its value proposition based on technological innovation, regulatory compliance, and content tailored to each market. From the launch of new slot titles to the prominence of its IRIS platform, the Spanish company reaffirms its commitment to sustainable growth across Europe and Latin America.
Monday 06 Oct 2025 / 12:00
SUSCRIBIRSE
Para suscribirse a nuestro newsletter, complete sus datos
Reciba todo el contenido más reciente en su correo electrónico varias veces al mes.